CryptoCompare predicts that the impact of the FTX crash will continue into 2023, allowing for reflection ahead of the next bull.
This has been a turbulent year for the cryptocurrency industry, with major players like Terra, Arrow Arrows Capital (3AC), and FTX underwater. As the crypto space struggles to find its footing amid a second wave of crypto winter exacerbated by the latest FTX debacle, digital asset manager CryptoCompare thinks it will take time to company to recover the impact of the failure.
Crypto Jobs to Focus on Survival
In its 2022 report, CryptoCompare said that it will take time for the market to fully recover from the impact of the FTX failure, as the combination of exchanges and many crypto companies will continue to weaken. ‘affects the recovery of the company in the new year.
However, the FTX debacle has also highlighted the need for developers to create sustainable projects.
As such, CryptoCompare predicts that in 2023, there will be more emphasis on “regulations and services that focus on survival by saving money and building market-ready applications, rather than buying marketing and strategy modeling”.
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Legal Clarity is Expected in 2023
The crypto data provider also suggested that FTX’s financial withdrawal may encourage global financial regulators to establish a regulatory framework for crypto markets. Some regulators have already implemented strict measures to protect investors.
For example, the Thai Securities and Exchange Commission recently announced its intention to impose strict regulations on crypto-assets. CryptoCompare believes that these rules will be more effective if they distinguish between centralized and centralized companies in the crypto space, because many failed companies have been centralized.
This diversity will also promote the pursuit of innovation in the field of informal finance.
Time For Reflection
Finally, CryptoCompare believes that the winter season of crypto provides an opportunity for traders to reflect and focus on the development of the industry while preparing for the next bull rush.
“In 2022, we saw the end of the bull market and the beginning of the bull market, which gives traders the opportunity to take a step back, reflect on the company’s development and plans for the future.”, said the report in – said. said.
Although it is boring, bear markets are one of the proven ways to analyze large markets because they show that investors are in the market for the long term, not speculation and short-term profit.